Stablecoin fee platform BVNK has launched Layer1, a self-custody digital asset infrastructure, in accordance with a June 27 assertion shared with CryptoSlate.
This platform helps companies launch stablecoin funds rapidly and securely, making certain management and privateness over their digital belongings.
Layer1
BVNK goals to streamline blockchain funds via its Layer1 answer. This initiative tackles infrastructure challenges, enabling companies to rapidly implement digital asset funds globally, even with out intensive technical data.
Layer1 particularly targets crucial points in present digital asset options. It accelerates time to market, supplies blockchain abstraction, enhances knowledge privateness and management, and integrates with present programs.
Among the answer’s automated functionalities embrace pockets creation, reconciliation, asset administration, and integration with third-party providers. It additionally helps automated consolidation, multi-venue buying and selling, and complete treasury administration.
BVNK CTO and co-founder Donald Jackson mentioned the product was designed to satisfy the growing demand for blockchain merchandise. He said:
“Layer1 is the end result of our learnings and it signifies that different companies can launch digital asset funds with no need to be blockchain consultants, to know the way this or that community behaves, or when the subsequent laborious fork is coming – and with no need to deploy a whole engineering crew to develop software program for 2 years.”
Stablecoin funds
Layer1’s debut arrives amid strong enlargement within the stablecoin sector. Between 2019 and 2023, annual stablecoin transactions surged 18-fold, reaching roughly $7 billion.
Throughout this era, stablecoin holders peaked at 100 million, with the overall market capitalization of belongings within the sector reaching $160 billion, principally made up of USDT. The trade has additionally attracted sturdy curiosity from conventional monetary fee establishments like Visa and PayPal.
Jesse Hemson-Struthers, BVNK CEO, highlighted this rising urge for food amongst varied entities—from main monetary establishments to buying and selling companies and crypto enterprises—for self-hosted options in response to this development.
He mentioned:
“With Layer1, we’ve constructed a product that permits these companies to entry core stablecoin funds infrastructure, to allow them to spend their time as a substitute on constructing differentiated merchandise.”
